Popular (BPOP)

Market Price (11/3/2026): $158.79 | Market Cap: $10.0 BilSector: Financials | Industry: Regional Banks

Popular (BPOP)

Market Price (11/3/2026): $158.79
Market Cap: $10.0 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 7.9%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -277%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%

Stock buyback support
Stock Buyback 3Y Total is 1.0 Bil

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

Key risks
BPOP key risks include [1] a high sensitivity to Puerto Rico's economic conditions due to its dominant market share on the island.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 7.9%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -277%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%
3	Stock buyback support Stock Buyback 3Y Total is 1.0 Bil
4	Low stock price volatility Vol 12M is 22%
5	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
6	Key risks BPOP key risks include [1] a high sensitivity to Puerto Rico's economic conditions due to its dominant market share on the island.

BPOP in ETFs

Weight = BPOP's share of each fund

VTI0.01%

ITOT0.01%

IWB0.01%

VYM0.04%

VB0.12%

KRE1.1%

NUSC0.79%

SCHA0.24%

+17 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/3/26	2025	2024	2023	2022
Share Price			$158.79	$124.52	$94.06	$82.07	$66.32
Mkt Cap ($ Bil)			10.0	8.4	6.8	5.9	4.9
+ Debt ($ Bil)			1.5	1.3	1.1	1.2	1.3
- Cash ($ Bil)			4.9	5.1	7.0	6.9	6.0
TEV ($ Bil)			6.6	9.7	7.9	7.1	6.2
Valuation Ratios
P/S	2.7	2.8	3.2	2.8	2.5	2.2	1.7
P/EBIT	6.8	7.4	-	-	-	-	-
P/E	8.4	9.1	10.5	10.7	12.7	8.4	4.7
P/FCF	—	—	12.6	13.9	14.6	11.7	4.8
Sector Ratios (* = sector average)
P/S *			3.2	3.2	3.1	2.5	2.8
P/EBIT *			6.6	8.1	8.5	7.2	6.8
P/E *			11.5	11.4	11.9	9.3	9.3
P/FCF *			8.8	8.7	8.8	6.9	6.3

FYE: 12/31	Forward FYE		Now
	2027	2026	11/3/26
Share Price			$158.79
Mkt Cap ($ Bil)			10.0
+ Debt ($ Bil)			1.5
- Cash ($ Bil)			4.9
TEV ($ Bil)			6.6
Valuation Ratios
P/S	2.7	2.8	3.2
P/EBIT	6.8	7.4	-
P/E	8.4	9.1	10.5
P/FCF	—	—	12.6
Sector Ratios (* = sector average)
P/S *			3.2
P/EBIT *			6.6
P/E *			11.5
P/FCF *			8.8

FYE: 12/31	BPOP [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$3.2 Bil	—
FY 2026 Sales	$3.6 Bil	—
FY 2027 Sales	$3.7 Bil	—
FY 2026 Sales Growth	12.6%	—
FY 2027 Sales Growth	3.6%	8.9%
EARNINGS
LTM Net Income (GAAP) [3]	$969.1 Mil	—
FY 2026 Net Income (Non-GAAP)	$1.1 Bil	—
FY 2027 Net Income (Non-GAAP)	$1.2 Bil	—
FY 2027 Net Income Growth	8.5%	14.0%
FY 2026 EPS (Non-GAAP)	$16.11	—
FY 2027 EPS (Non-GAAP)	$17.54	—
FY 2027 EPS Growth	8.8%	—
VALUATION
FY 2026 P/S	2.8	3.1
FY 2027 P/S	2.7	—
FY 2026 P/E	9.1	18.0
FY 2027 P/E	8.4	—

[1] BPOP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	BPOP	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	3.2
Rev Chg Q	9.8%	8.9%
Rev Chg LTM	10.1%	8.5%
Rev Chg 3Y Avg	2.8%	6.2%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	1.0
Net Inc LTM ($ Bil)	1.0
CFO/Rev LTM	31.3%	21.6%
Net Inc Mgn	30.3%	13.4%
VALUATION	LOW
P/S	3.2	3.3
P/CFO	10.1	15.2
P/FCF	12.6	20.4
P/E	10.5	22.8

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Metric	Value	Date	Source
Assets Under Management	10.8 billion	12312024	Link
Market Share of Deposits in Puerto Rico	65%	10132025	Link
Full-Time Equivalent Employees	9303	6302025	Link

Price Chart

Recent
10/22/2026	Earnings Release	Rev: $874 Mil (A) vs. $904 Mil (E) EPS: 4.21 (A) vs. $3.95 (E)
Upcoming
11/13/2026	Dividend	Amount: $0.90 Payment On: 1/04/2027
1/27/2027	Earnings Release	Rev: $915 Mil (E) EPS: $3.82 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Popular (BPOP) stock has lost about 10% since 7/31/2026 because of the following key factors:

1. Popular Inc. reported a revenue miss in its fiscal Q3 2026 earnings, falling short of analyst expectations. The company announced Q3 2026 revenue of $874.59 million, below the consensus estimate of $904.43 million. This revenue miss, despite an earnings per share (EPS) beat, reflected concerns about core operational performance. Additionally, net interest margin (NIM) compressed by 3 basis points to 3.63% on a GAAP basis, signaling pressure on profitability from lending activities.

2. Significant deposit outflows and a moderated loan growth outlook raised investor concerns about the company's financial base. Popular experienced a $1.5 billion decline in deposits during fiscal Q3 2026, primarily driven by outflows from the Puerto Rico public sector. Concurrently, the company reduced its full-year fiscal 2026 loan growth expectations to approximately 2%, reflecting softer activity in auto and lease segments and moderating commercial loan expansion. This indicated potential challenges to future asset growth and funding stability.

3. Increased credit quality concerns emerged, notably with a significant commercial loan becoming non-performing. During fiscal Q3 2026, a $74 million commercial relationship at Banco Popular de Puerto Rico was reclassified as non-performing, contributing to a slight increase in the overall non-performing loans ratio to 1.16%. Management also projected higher full-year net charge-offs, now expected to be between 80–90 basis points, primarily due to two specific commercial credit issues.

4. A notable insider selling transaction by the President & CEO occurred during the period. Javier D. Ferrer, Popular's President & CEO, sold 35,000 shares of company stock for a total value of $6.14 million on August 10, 2026. This significant open-market sale by a key executive, exceeding the $5 million threshold, could be interpreted by investors as a signal regarding the company's near-term prospects.

5. Broader macroeconomic headwinds contributed to a cautious sentiment in the banking sector. The American Bankers Association's Q3 2026 Credit Conditions Index registered 44.7, indicating an expectation of weakening credit conditions over the next six months, particularly for business credit. Concerns voiced by executives of major U.S. banks during their Q3 2026 earnings calls about "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates, and geopolitical conditions" further created a challenging environment for financial stocks like Popular.

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Stock Movement Drivers

Fundamental Drivers

The -8.8% change in BPOP stock from 7/31/2026 to 11/2/2026 was primarily driven by a -16.4% change in the company's P/E Multiple.

(LTM values as of)	7312026	11022026	Change
Stock Price ($)	174.25	158.96	-8.8%
Change Contribution By:
Total Revenues ($ Mil)	3,124	3,198	2.4%
Net Income Margin (%)	28.9%	30.3%	5.0%
P/E Multiple	12.5	10.5	-16.4%
Shares Outstanding (Mil)	65	64	1.5%
Cumulative Contribution			-8.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026

	Return	Correlation
BPOP	-8.8%
Market (SPY)	0.7%	32.8%
Sector (XLF)	1.1%	50.4%

Fundamental Drivers

The 6.9% change in BPOP stock from 4/30/2026 to 11/2/2026 was primarily driven by a 10.8% change in the company's Net Income Margin (%).

(LTM values as of)	4302026	11022026	Change
Stock Price ($)	148.76	158.96	6.9%
Change Contribution By:
Total Revenues ($ Mil)	3,047	3,198	5.0%
Net Income Margin (%)	27.3%	30.3%	10.8%
P/E Multiple	11.8	10.5	-11.1%
Shares Outstanding (Mil)	66	64	3.3%
Cumulative Contribution			6.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026

	Return	Correlation
BPOP	6.9%
Market (SPY)	4.9%	30.4%
Sector (XLF)	10.8%	58.5%

Fundamental Drivers

The 45.9% change in BPOP stock from 10/31/2025 to 11/2/2026 was primarily driven by a 22.1% change in the company's Net Income Margin (%).

(LTM values as of)	10312025	11022026	Change
Stock Price ($)	108.97	158.96	45.9%
Change Contribution By:
Total Revenues ($ Mil)	2,905	3,198	10.1%
Net Income Margin (%)	24.8%	30.3%	22.1%
P/E Multiple	10.3	10.5	1.9%
Shares Outstanding (Mil)	68	64	6.5%
Cumulative Contribution			45.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026

	Return	Correlation
BPOP	45.9%
Market (SPY)	11.2%	35.7%
Sector (XLF)	11.3%	58.4%

Fundamental Drivers

The 164.6% change in BPOP stock from 10/31/2023 to 11/2/2026 was primarily driven by a 140.8% change in the company's P/E Multiple.

(LTM values as of)	10312023	11022026	Change
Stock Price ($)	60.08	158.96	164.6%
Change Contribution By:
Total Revenues ($ Mil)	2,974	3,198	7.5%
Net Income Margin (%)	33.3%	30.3%	-8.9%
P/E Multiple	4.4	10.5	140.8%
Shares Outstanding (Mil)	72	64	12.2%
Cumulative Contribution			164.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026

	Return	Correlation
BPOP	164.6%
Market (SPY)	86.0%	50.9%
Sector (XLF)	85.7%	66.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BPOP Return	49%	-17%	28%	18%	36%	30%	231%
Peers Return	21%	-38%	-12%	-30%	-16%	-10%	-65%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	101%
Monthly Win Rates [3]
BPOP Win Rate	75%	42%	67%	42%	75%	64%
Peers Win Rate	60%	50%	50%	33%	56%	41%
S&P 500 Win Rate	75%	42%	67%	75%	67%	36%
Max Drawdowns [4]
BPOP Max Drawdown	-16%	-34%	-30%	-15%	-23%	-13%
Peers Max Drawdown	-24%	-46%	-55%	-43%	-43%	-46%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, GBC, NARA, SHFS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

Event	BPOP	S&P 500
2025 US Tariff Shock
% Loss	-21.9%	-18.8%
% Gain to Breakeven	28.0%	23.1%
Time to Breakeven	37 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.4%	-9.5%
% Gain to Breakeven	11.7%	10.5%
Time to Breakeven	8 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-27.1%	-6.7%
% Gain to Breakeven	37.2%	7.1%
Time to Breakeven	131 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-14.9%	-24.5%
% Gain to Breakeven	17.5%	32.4%
Time to Breakeven	427 days	427 days
2020 COVID-19 Crash
% Loss	-54.6%	-33.7%
% Gain to Breakeven	120.5%	50.9%
Time to Breakeven	267 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-13.7%	-19.2%
% Gain to Breakeven	15.8%	23.8%
Time to Breakeven	31 days	105 days

Compare to NEWT, ATLO, CLBK, GCBC, MBBC

In The Past

Popular's stock fell -21.9% during the 2025 US Tariff Shock. Such a loss loss requires a 28.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	BPOP	S&P 500
2025 US Tariff Shock
% Loss	-21.9%	-18.8%
% Gain to Breakeven	28.0%	23.1%
Time to Breakeven	37 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-27.1%	-6.7%
% Gain to Breakeven	37.2%	7.1%
Time to Breakeven	131 days	31 days
2020 COVID-19 Crash
% Loss	-54.6%	-33.7%
% Gain to Breakeven	120.5%	50.9%
Time to Breakeven	267 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-26.8%	-12.2%
% Gain to Breakeven	36.6%	13.9%
Time to Breakeven	119 days	62 days
2014-2016 Oil Price Collapse
% Loss	-26.2%	-6.8%
% Gain to Breakeven	35.4%	7.3%
Time to Breakeven	116 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-50.6%	-17.9%
% Gain to Breakeven	102.5%	21.8%
Time to Breakeven	479 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-39.1%	-15.4%
% Gain to Breakeven	64.1%	18.2%
Time to Breakeven	2249 days	125 days
2008-2009 Global Financial Crisis
% Loss	-85.6%	-53.4%
% Gain to Breakeven	593.8%	114.4%
Time to Breakeven	4698 days	1085 days
Summer 2007 Credit Crunch
% Loss	-29.3%	-8.6%
% Gain to Breakeven	41.5%	9.5%
Time to Breakeven	6530 days	47 days

Compare to NEWT, ATLO, CLBK, GCBC, MBBC

In The Past

Popular's stock fell -21.9% during the 2025 US Tariff Shock. Such a loss loss requires a 28.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Popular (BPOP)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Popular, Inc. (BPOP) is a diversified financial services company providing retail, mortgage, and commercial banking products and services. It operates primarily in Puerto Rico, with additional presences in the United States mainland and the British Virgin Islands.

The company's offerings span traditional banking deposits, including savings, checking, money market, and certificates of deposit. On the lending side, Popular provides a comprehensive suite of commercial and industrial, commercial real estate, residential mortgage, and various consumer loans such as personal loans, credit cards, and auto financing. Beyond core banking, it also extends into investment banking, auto and equipment leasing, broker-dealer services, and insurance.

Popular, Inc. serves a broad customer base, ranging from individual consumers to small and large businesses. Its extensive branch and ATM network in Puerto Rico, coupled with operations in the U.S. and British Virgin Islands, positions it as a key financial provider catering to the diverse needs of these regional markets.

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Here are 1-3 brief analogies to describe Popular, Inc. (BPOP):

Bank of America for Puerto Rico and the Caribbean.
The JPMorgan Chase of the Caribbean region.

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Deposit Accounts: Popular offers a variety of deposit products including savings, checking (NOW), money market, and certificates of deposit for individuals and businesses.
Lending Services: The company provides a comprehensive suite of loans, such as residential mortgages, commercial and industrial loans, consumer loans (personal, credit cards, auto, home equity), construction loans, and lease financing.
Investment Banking: Popular delivers specialized financial services focused on capital raising, mergers, acquisitions, and strategic advisory for corporate and government clients.
Broker-Dealer Services: It facilitates the buying and selling of securities, offering brokerage services to investors.
Insurance Services: The company provides various insurance products to meet the needs of its clients.
Digital Banking Services: Popular offers convenient online banking platforms and debit cards for managing finances digitally.

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AI Analysis | Feedback

Popular, Inc. (BPOP) serves a diverse customer base, including both individuals and businesses across Puerto Rico, the United States, and the British Virgin Islands. Given its broad range of retail, mortgage, and commercial banking products and services, it does not primarily sell to a few named corporate entities. Instead, its major customers can be categorized as:

Individual Consumers and Retail Clients: This category includes individuals who utilize Popular, Inc.'s personal banking services. These services encompass various deposit accounts (savings, NOW, money market, demand deposits, and certificates of deposit), debit cards, online banking, and a variety of consumer loans such as personal loans, credit cards, automobile loans, and home equity lines of credit. Residential mortgage loans are also a significant offering for individual borrowers.
Commercial Clients and Businesses: This category comprises a wide range of businesses, from small enterprises to larger corporations. These clients rely on Popular, Inc. for essential commercial banking needs, including commercial and industrial loans, commercial multi-family loans, commercial real estate loans, construction loans, and lease financing for automobiles and equipment. Businesses also utilize various deposit services and may leverage the company's investment banking solutions.
Real Estate Developers and Investors: Given the specific emphasis on commercial multi-family, commercial real estate, and construction loans, a distinct segment of customers includes entities and individuals actively involved in real estate development, investment, and property management projects.

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Javier D. Ferrer President and Chief Executive Officer

Mr. Ferrer was appointed President and Chief Executive Officer of Popular, Inc., Banco Popular de Puerto Rico, and Popular Bank, effective July 1, 2025. He previously served as President of Popular, BPPR, and Popular Bank since May 2024, and as Chief Operating Officer of Popular and BPPR from January 2022 to June 2025, overseeing all business units in Puerto Rico, the mainland United States, and the Virgin Islands. Before joining Popular in 2014 as Chief Legal Officer and General Counsel, Mr. Ferrer was a founding partner of Pietrantoni Méndez & Alvarez LLC, a San Juan, Puerto Rico-based law firm, from 1992 to 2010. He also served as President and Vice-Chairman of the Board of Directors of the Government Development Bank for Puerto Rico.

Jorge J. García Executive Vice President and Chief Financial Officer

Mr. García has served as Executive Vice President and Chief Financial Officer of Popular, Inc. since April 1, 2024. Prior to this role, he was the Senior Vice President, Corporate Comptroller, and Chief Accounting Officer of Popular from March 2012 to April 2024. From June 2009 to March 2012, Mr. García held the position of Senior Vice President and Director of Finance and Accounting of Popular Bank, which is Popular's banking subsidiary in the mainland United States.

Lidio V. Soriano Executive Vice President and Chief Risk Officer

Mr. Soriano has been the Executive Vice President and Chief Risk Officer of the Corporate Risk Management Group since August 2011. His role involves leading the corporate risk management functions for Popular, Inc.

Eduardo Negron Executive Vice President of Administration Group

Mr. Negrón has been the Chief Administration Officer of Popular since February 2022 and an Executive Vice President of Popular since April 2008. He has been responsible for the Administration Group since December 2010, overseeing human resources, marketing, and real estate.

Manuel A. Chinea Executive Vice President

Mr. Chinea is an Executive Vice President at Popular, Inc. He previously held responsibilities in Retail Banking Operations, Marketing, Product Development Care Center, Popular Investments, and Consumer Loan Units.

AI Analysis | Feedback

Popular, Inc. (BPOP) faces several key risks to its business operations:

1. Geographic Concentration Risk in Puerto Rico

A significant portion of Popular, Inc.'s business is concentrated in Puerto Rico, making its performance highly susceptible to the economic health and fiscal challenges of the Commonwealth. This geographic concentration exposes the company to risks related to government fiscal measures, federal funding, and public sector deposits, which can impact its asset quality and overall financial stability.

2. Economic and Interest Rate Fluctuations

Popular, Inc.'s operations are sensitive to broader economic conditions and changes in interest rates. Fluctuations in these areas can directly affect the company's net interest income, the volume of loan originations, and the valuation of its investment portfolio, thereby impacting profitability. Deterioration in credit quality, including increases in non-performing assets and charge-offs, is often a direct consequence of adverse economic conditions.

3. Regulatory and Compliance Risks

As a financial institution, Popular, Inc. operates within a highly regulated environment and must navigate a complex array of federal and local regulations. Heightened regulatory scrutiny and evolving compliance requirements, including those related to U.S. sanctions and consumer protection laws, pose a significant risk. Any identified deficiencies or non-compliance could result in substantial fines, mandated remediation, operational restrictions, or increased oversight, which could negatively impact profitability and strategic flexibility.

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The rise of digital-only neobanks and challenger banks that offer streamlined, mobile-first banking experiences, potentially attracting younger and tech-savvy customers away from traditional banks.
The increasing market penetration of specialized fintech companies that target specific banking services, such as online lenders for mortgages and personal loans, robo-advisors for investment services, and digital payment platforms, thereby disintermediating traditional banks.
The expansion of large technology companies (Big Tech) into financial services, leveraging their vast user bases and data to offer banking, payment, and lending products that directly compete with established financial institutions.

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Addressable Markets for Popular, Inc.'s Main Products and Services

Here are the estimated addressable market sizes for Popular, Inc.'s main products and services in its operating regions:

United States Mainland

Retail Banking: The United States retail banking market was valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.22%.
Commercial Banking: The US commercial banking market size stood at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, reflecting a 4.56% CAGR.
Mortgage Loans (Home Loans): The US home loan market size is estimated to be USD 2.42 trillion in 2026 and is projected to grow to USD 3.17 trillion by 2031, with a 5.56% CAGR.
Consumer Loans (Automobile Loans/Leases): The US auto loan market size is projected to be USD 676.20 billion in 2025 and is expected to reach USD 899.17 billion by 2031, growing at a CAGR of 4.87% from 2026 to 2031. Separately, the U.S. auto leasing, loans & sales financing market stood at USD 170 billion in 2024.
Consumer Loans (Credit Cards): Outstanding balances on general-purpose credit cards in the United States were USD 1.071 trillion at the end of 2022.
Investment Banking: The US investment banking market stands at USD 54.74 billion in 2025 and is projected to reach USD 66.15 billion by 2030.
Insurance Services: The U.S. insurance market size was USD 3.7 trillion in 2024.

Puerto Rico

Banking Sector (Overall, including retail, commercial, and lending): Traditional banks in Puerto Rico had a projected revenue of USD 15.34 billion in 2024, with the overall banking sector market size expected to reach USD 19.80 billion by 2029.
Residential Mortgage Loans: The total amount of residential mortgage loans across all financial institutions in Puerto Rico rose to US$10.97 billion in Q3 2024.
Auto Lending: In 2019, auto financing companies (excluding commercial banks) held approximately USD 1.112 billion in loan balances, local credit unions held approximately USD 0.998 billion, and federal credit unions held approximately USD 0.283 billion in Puerto Rico. Loan balances for the auto business within the banking sector grew by 6.8% in 2024.
Insurance Services: The insurance industry in Puerto Rico generated USD 20.57 billion in written premium in 2023.

British Virgin Islands

Banking Market (by assets): The Territory's banking market size by asset reached approximately USD 2.86 billion at December 31, 2022, and grew by 4.5% between December 31, 2022, and December 31, 2023. Specific market sizes for individual products like retail, mortgage, or commercial banking within the British Virgin Islands were not readily available; however, financial services, as a whole, generate approximately 60% of the government's revenues.

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Popular, Inc. (BPOP) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from continued loan expansion, improved net interest income and margins, the ongoing economic recovery in Puerto Rico, and strategic digital transformation initiatives.

Loan Growth, particularly Commercial and Construction Loans: The company expects sustained growth in its loan portfolio. Management projects a 3-6% increase in loan growth for 2024, contributing to an expected 9-13% rise in net interest income. Strong commercial and construction loan growth in both Puerto Rico and the U.S. operations has been a significant contributor, reflecting the continued strength of the local economy and diversified product offerings. Looking ahead, consolidated loan growth is anticipated to be 3-4% from 2025 levels, primarily driven by solid commercial loan expansion.
Net Interest Income (NII) and Net Interest Margin (NIM) Expansion: Popular, Inc. foresees an increase in net interest income and further expansion of its net interest margin. This is expected to be driven by a continued improvement in the earning asset mix, higher loan yields, balances across major lending categories, and improved yields on cash and investments. For 2025, NII is projected to increase by 7-9%, supported by the reinvestment of maturing securities into higher-yielding assets, new loan originations, and efforts to lower deposit costs. A 5-7% NII growth is anticipated for 2026, also aided by lower funding costs for Puerto Rico public deposits and online deposits at Popular Bank.
Puerto Rico Economic Recovery and Onshoring Initiatives: The ongoing momentum and broad-based recovery of the Puerto Rican economy are significant tailwinds for Popular, Inc. This recovery is characterized by strength in construction, hospitality, and manufacturing sectors, coupled with rising labor participation and onshoring activities. New investments announced in Puerto Rico, exceeding $2.6 billion with nearly 5,000 direct jobs created in the past year, are expected to generate a multiplier effect and support loan growth. Additionally, the disbursement of federal recovery funds and the focus on promoting onshoring in high-margin sectors like pharmaceuticals and medical devices are expected to bolster economic activity for several years.
Digital Transformation and Enhanced Customer Experience: Investments in digital infrastructure and origination platforms are expected to drive revenue growth through improved customer acquisition, retention, and operational efficiency. Initiatives such as the launch of a new digital platform for commercial cash management and branch modernization aim to provide an excellent omnichannel experience and strengthen profitability across various business lines.

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Share Repurchases

In 2025, Popular, Inc. repurchased approximately $501.5 million in common stock.
The company authorized a new common stock repurchase program of up to $500 million in July 2025, which supplemented an existing $500 million program from July 2024, leaving approximately $32.8 million available under the earlier authorization as of July 15, 2025.
In 2024, Popular, Inc. repurchased about 2.3 million shares of common stock for approximately $217.3 million under a $500 million authorization. In 2022, the company repurchased 8.25 million shares of common stock totaling $631 million, including a $400 million accelerated share repurchase.

Capital Expenditures

For the trailing twelve months leading up to March 2026, Popular, Inc.'s capital expenditures amounted to approximately $197.46 million.
The company is making ongoing investments in its franchise, with a strategic focus on a multi-year transformation program that enhances technology, digital channels, and process efficiency.
Key initiatives driving capital expenditures include exiting the U.S. mortgage business and transitioning to a cloud-based ERP system in January 2026, alongside branch modernization efforts and the launch of a new digital platform for commercial cash management.

Interactive Breakdown

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Better Bets vs. Popular (BPOP)

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Peer Outperformance in Regional Banks

BPOP has outperformed 90% of its 261 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.

Share of Regional Banks constituents that BPOP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

72%

of 281 industry peers · 45.9% return

89%

of 273 industry peers · 147.5% return

90%

of 261 industry peers · 127.1% return

No Regional Banks peer with a comparable growth profile has beaten BPOP by more than 20pp over 5Y.

Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is BPOP's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Reinsurance	6	37.5%	74.0%	118.3%	SPNT 170% · RGA 148% · RNR 138%
Investment Banking & Brokerage	13	-1.9%	90.1%	92.3%	IBKR 314% · SNEX 159% · HOOD 140%
Diversified Banks	12	32.8%	141.8%	91.6%	CM 142% · RY 130% · JPM 126%
Life & Health Insurance	20	17.2%	52.4%	78.2%	JXN 536% · UNM 303% · FG 188%
Property & Casualty Insurance	42	21.7%	72.7%	65.0%	PGR 176% · TRV 176% · ACGL 166%
Multi-line Insurance	9	10.2%	68.9%	63.6%	AIZ 100% · GNW 98% · L 97%
Multi-Sector Holdings	3	9.8%	52.4%	57.5%	BRK-B 93% · VOYA 57% · JEF 35%
Regional Banks ←	262	34.5%	91.3%	53.5%	CBC 263% · FCNCA 189% · NIC 146%
Financial Exchanges & Data	15	19.8%	33.8%	32.6%	CBOE 176% · VIRT 144% · CME 71%
Insurance Brokers	15	5.3%	11.6%	26.0%	LIFE 387% · ARX 89% · AJG 80%
Asset Management & Custody Banks	85	-6.1%	21.7%	8.8%	VCTR 257% · WT 230% · AAMI 191%
Consumer Finance	30	5.9%	72.9%	5.4%	ENVA 397% · FCFS 137% · AXP 101%
Diversified Financial Services	4	-5.1%	18.6%	3.3%	FRHC 171% · EQH 80%
Commercial & Residential Mortgage Finance	14	-48.7%	20.2%	-0.2%	FNMA 448% · FMCC 399% · ACT 167%
Specialized Finance	3	8.4%	31.0%	-20.6%	HASI -21% · CACC -28%
Transaction & Payment Processing Services	17	15.8%	17.6%	-22.2%	V 111% · MA 106% · CPAY 69%
Mortgage REITs	35	-19.0%	-7.6%	-35.2%	RITM 35% · DX 18% · AGNC 11%
Diversified Capital Markets	20	-58.1%	2.5%	-68.4%	LPLA 80% · TW 39% · WULF -60%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Would You Still Hold Popular Stock If It Fell 30%?	10/17/2025
2	BPOP Dip Buy Analysis	07/10/2025
3	Time To Buy Popular Stock?	02/28/2025
4	Popular (BPOP) Operating Cash Flow Comparison	02/17/2025
5	Popular (BPOP) Net Income Comparison	02/15/2025
6	Fundamental Metrics: ...	06/19/2024
7	ARTICLES
8	Mid Cap Stocks At 52-Week Highs: Friday’s Full List	08/03/2026
9	Where The Buying Ran Strongest: 11 Mid Cap Stocks At 52-Week Highs	07/23/2026
10	19 Mid Cap Stocks Just Made New 52-Week Highs	07/10/2026
11	Mid Cap Stocks Trading At 52-Week High	06/24/2026
12	Small Cap Stocks Trading At 52-Week High	04/28/2026

	Title
0	DASHBOARDS
1	Would You Still Hold Popular Stock If It Fell 30%?
2	BPOP Dip Buy Analysis
3	Time To Buy Popular Stock?
4	Popular (BPOP) Operating Cash Flow Comparison
5	Popular (BPOP) Net Income Comparison
6	Fundamental Metrics: ...
7	ARTICLES
8	Mid Cap Stocks At 52-Week Highs: Friday’s Full List
9	Where The Buying Ran Strongest: 11 Mid Cap Stocks At 52-Week Highs
10	19 Mid Cap Stocks Just Made New 52-Week Highs
11	Mid Cap Stocks Trading At 52-Week High
12	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to BPOP.

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OFRM	Once Upon a Farm PBC	0.4	-37.2%	-55.2%
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ULH	Universal Logistics	0.8	76.6%	91.3%
GDYN	Grid Dynamics	1.1	59.0%	51.6%
REPL	Replimune	1.9	56.3%	100.5%
GTN-A	Gray Media	1.0	54.2%	-14.1%
ULCC	Frontier	1.7	51.3%	57.7%
ADT	ADT	7.5	42.9%	24.8%
FMC	FMC	0.8	41.0%	-52.2%
TDOC	Teladoc Health	1.6	38.3%	23.3%
UPBD	Upbound	1.3	34.4%	39.2%
GKOS	Glaukos	14.0	33.8%	111.3%

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BCAX	Bicara Therapeutics	0.5	-53.0%	-52.9%
IOVA	Iovance Biotherapeutics	3.6	-41.8%	193.8%
OFRM	Once Upon a Farm PBC	0.4	-40.7%	-55.2%
RDDT	Reddit	17.5	-34.3%	-60.4%
SGML	Sigma Lithium	0.6	-33.7%	-60.5%
INTC	Intel	306.1	-33.7%	62.5%
NOW	ServiceNow	109.3	-33.0%	-30.8%
ATEC	Alphatec	1.1	-32.9%	-65.3%
FTNT	Fortinet	92.5	-31.2%	58.9%
INOD	Innodata	1.4	-31.0%	-18.9%

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BMBL	Bumble	0.8	135.0%	67.2%
GTN-A	Gray Media	1.0	92.1%	-14.1%
BRZE	Braze	5.1	79.7%	33.2%
SGRY	Surgery Partners	3.0	73.6%	49.6%
GDYN	Grid Dynamics	1.1	70.7%	51.6%
FIGS	FIGS	3.5	57.5%	87.4%
ADT	ADT	7.5	57.3%	24.8%
TDOC	Teladoc Health	1.6	56.3%	23.3%
ULH	Universal Logistics	0.8	54.6%	91.3%
MAX	MediaAlpha	0.8	53.6%	14.1%

Top Losers

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CIFR	Cipher Digital	2.8	-56.3%	-53.5%
BCAX	Bicara Therapeutics	0.5	-55.0%	-52.9%
AVBP	ArriVent BioPharma	0.6	-52.8%	-33.6%
AEHR	Aehr Test Systems	1.6	-52.0%	154.9%
INTC	Intel	306.1	-49.7%	62.5%
KEEL	Keel Infrastructure	1.1	-47.8%	-12.5%
ACMR	ACM Research	3.0	-47.0%	11.9%
AAOI	Applied Optoelectronics	5.1	-45.9%	79.3%
FRMI	Fermi	1.4	-45.3%	-72.4%
EOSE	Eos Energy Enterprises	0.6	-45.2%	-84.6%

Peer Comparisons

Peers to compare with:

Financials

	BPOP	NEWT	ATLO	GBC	NARA	SHFS	Median
Name	Popular	NewtekOne	Ames Nat.	Georgia .	Narragan.	SHF
Mkt Price	158.79	10.99	34.36	35.51	10.80	0.04	22.68
Mkt Cap	10.1	0.3	0.3	-	-	-	0.3
Rev LTM	3,198	277	73	-	130	-	203
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	807	-740	21	-	7	-	14
FCF 3Y Avg	600	-373	17	-	-	-	17
CFO LTM	1,002	-739	22	-	11	-	17
CFO 3Y Avg	809	-373	19	-	-	-	19

Growth & Margins

	BPOP	NEWT	ATLO	GBC	NARA	SHFS	Median
Name	Popular	NewtekOne	Ames Nat.	Georgia .	Narragan.	SHF
Rev Chg LTM	10.1%	7.8%	21.3%	-	-	-	10.1%
Rev Chg 3Y Avg	2.8%	26.8%	8.1%	-	-	-	8.1%
Rev Chg Q	9.8%	7.0%	18.5%	-	-	-	9.8%
QoQ Delta Rev Chg LTM	2.4%	1.7%	4.3%	-	-	-	2.4%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	31.3%	-267.4%	30.3%	-	8.5%	-	19.4%
CFO/Rev 3Y Avg	27.3%	-138.6%	30.2%	-	-	-	27.3%
FCF/Rev LTM	25.2%	-267.5%	28.9%	-	5.5%	-	15.4%
FCF/Rev 3Y Avg	20.1%	-138.7%	27.9%	-	-	-	20.1%

Valuation

	BPOP	NEWT	ATLO	GBC	NARA	SHFS	Median
Name	Popular	NewtekOne	Ames Nat.	Georgia .	Narragan.	SHF
Mkt Cap	10.1	0.3	0.3	-	-	-	0.3
P/S	3.2	1.1	4.2	-	-	-	3.2
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	-	-	-	-	-	-	-
P/E	10.5	4.8	13.3	-	-	-	10.5
P/CFO	10.1	-0.4	13.8	-	-	-	10.1
Total Yield	11.5%	30.6%	10.1%	-	-	-	11.5%
Dividend Yield	1.9%	9.7%	2.6%	-	-	-	2.6%
FCF Yield 3Y Avg	6.8%	-103.1%	8.5%	-	-	-	6.8%
D/E	0.1	1.8	0.1	-	-	-	0.1
Net D/E	-2.8	0.6	-1.6	-	-	-	-1.6

Returns

	BPOP	NEWT	ATLO	GBC	NARA	SHFS	Median
Name	Popular	NewtekOne	Ames Nat.	Georgia .	Narragan.	SHF
1M Rtn	0.4%	-1.7%	6.2%	-7.2%	0.0%	-96.7%	-0.8%
3M Rtn	-8.1%	-25.1%	12.0%	-7.2%	0.0%	-98.3%	-7.6%
6M Rtn	8.4%	-11.6%	23.6%	-7.2%	0.0%	-99.6%	-3.6%
12M Rtn	45.7%	12.6%	70.4%	-7.2%	0.0%	-99.9%	6.3%
3Y Rtn	147.2%	-15.1%	116.8%	-7.2%	0.0%	-100.0%	-3.6%
1M Excs Rtn	2.8%	0.7%	8.5%	-5.0%	2.3%	-94.8%	1.5%
3M Excs Rtn	-6.7%	-24.9%	13.8%	-4.8%	2.5%	-96.3%	-5.7%
6M Excs Rtn	3.7%	-16.3%	18.8%	-11.7%	-4.7%	-103.6%	-8.2%
12M Excs Rtn	36.7%	4.1%	60.0%	-17.3%	-10.5%	-108.7%	-3.2%
3Y Excs Rtn	83.8%	-90.1%	59.9%	-85.6%	-82.3%	-168.9%	-83.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/7/2026	3/2/2026	3/3/2025	2/29/2024	3/1/2023	3/1/2022	3/1/2021
Key Financials
Total Revenue	3,198	3,047	2,799	2,644	2,937	2,478	2,257
Net Income	969	833	614	541	1,103	935	507
EPS	14.81	12.31	8.56	7.53	14.65	11.49	5.88
Growth Rates
Total Revenue Growth	10.1%	8.9%	5.8%	-10.0%	18.5%	9.8%	-6.9%
Net Income Growth	34.4%	35.6%	13.5%	-50.9%	17.9%	84.5%	-24.5%
Margins
Net Income Margin	30.3%	27.3%	21.9%	20.5%	37.5%	37.7%	22.4%
Cash & Debt
Total Cash	29,634	25,574	25,016	24,076	23,759	42,840	33,567
Total Debt	1,521	1,542	1,248	1,140	1,414	1,237	1,400
Net Debt / (Cash)	-28,112	-24,032	-23,768	-22,936	-22,346	-41,603	-32,167
Cash Flows & CapEx
Net Cash from Operations	1,002	878	675	687	1,015	1,005	679
Total CapEx	-195	-197	-213	-208	-104	-74	-60
Free Cash from Operations	807	681	461	479	911	931	619
Returns to Shareholders
Dividends	198	198	180	160	162	141	134
Share Repurchases	552	505	214	0	632	351	528

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/7/2026	5/8/2026	3/2/2026	11/10/2025	8/11/2025	5/12/2025	3/3/2025	11/12/2024	8/9/2024	5/10/2024	2/29/2024	11/9/2023
Key Financials Quarterly
Total Revenue	837	797	786	779	762	720	720	702	696	680	673	656
Net Income	278	246	234	211	210	178	178	155	178	103	95	137
EPS	4.35	3.78	3.53	3.15	3.09	2.56	2.51	2.16	2.47	1.43	1.31	1.90
Key Financials TTM
Total Revenue TTM	3,198	3,124	3,047	2,982	2,905	2,838	2,799	2,752	2,705	2,665	2,644	2,656
Net Income TTM	969	901	833	777	721	688	614	531	512	486	541	704
Growth Rates Quarterly
Total Revenue Growth	9.8%	10.7%	9.0%	11.0%	9.6%	5.8%	7.0%	7.1%	6.1%	3.1%	-1.7%	-32.7%
Net Income Growth	32.2%	38.4%	31.5%	36.1%	18.4%	71.9%	88.0%	13.7%	17.6%	-35.0%	-63.2%	-67.7%
Margins Quarterly
Net Income Margin	33.3%	30.8%	29.8%	27.1%	27.6%	24.7%	24.7%	22.1%	25.6%	15.2%	14.0%	20.8%
Cash & Debt
Total Cash	29,634	26,744	25,574	25,778	27,201	26,035	25,016	24,113	25,672	24,225	24,076	23,983
Total Debt	1,521	1,220	1,542	1,327	1,478	1,159	1,248	1,050	1,081	1,113	1,140	1,157
Net Debt / (Cash)	-28,112	-25,524	-24,032	-24,451	-25,722	-24,876	-23,768	-23,063	-24,591	-23,113	-22,936	-22,826
Cash Flows Quarterly
FCF from Operations	347	192	268	195	243	172	199	233	80	162	214	122
Cash Flows TTM
FCF from Operations TTM	1,002	898	878	809	848	685	675	689	577	695	687	674
Returns to Shareholders Quarterly
Dividends	49	50	51	48	49	50	45	45	45	45	40	40
Share Repurchases	128	155	148	121	111	125	154	59	0	0	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Banco Popular de Puerto Rico (BPPR)	2,750	2,553	2,398	2,504	2,240
Popular United States (US)	439	382	376	405	346
Corporate	15	11	14	161	18
Intersegment Eliminations	0	-0	-0	-1	-1
Eliminations	-4	-5	-5	-4	-4
Total	3,199	2,941	2,782	3,064	2,600

Operating Income by Segment

$ Mil	2015	2014	2013	2012
Banco Popular de Puerto Rico (BPPR)	434	352
Banco Popular North America	66	49	131	61
Eliminations	0	0	-0	0
Intersegment Eliminations	0
Corporate	-103	-533	296	-101
Banco Popular Puerto Rico			-18	340
Total	399	-132	409	301

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Banco Popular de Puerto Rico (BPPR)	730	556	472	782	787
Popular United States (US)	88	78	56	170	134
Corporate	16	-19	13	150	13
Eliminations	0	-0	-0	0	-0
Intersegment Eliminations	0	0	0	-0	0
Total	833	614	541	1,103	935

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Banco Popular de Puerto Rico (BPPR)	59,934	58,602	57,023	56,190	64,337
Popular United States (US)	15,062	14,333	13,812	11,558	10,399
Corporate	5,821	5,895	5,608	5,390	5,459
Intersegment Eliminations	-67	-265	-426	-422	-32
Eliminations	-5,402	-5,520	-5,259	-5,079	-5,065
Total	75,348	73,045	70,758	67,638	75,098

Price Behavior

Price Behavior

Market Price	$158.96
Market Cap ($ Bil)	10.2
First Trading Date	03/26/1990
Distance from 52W High	-10.1%
	50 Days	200 Days
DMA Price	$161.31	$152.40
DMA Trend	down	up
Distance from DMA	-1.5%	4.3%
	3M	1YR
Volatility	16.6%	22.5%
Downside Capture	91.86	50.75
Upside Capture	43.26	91.18
Correlation (S&P 500)	34.5%	35.5%

BPOP Betas & Captures as of 10/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.56	0.63	0.54	0.46	0.63	0.89
Up Beta	-0.07	-0.32	0.14	0.14	0.40	0.80
Down Beta	0.54	0.37	0.60	0.37	0.55	1.00
Up Capture	72%	64%	33%	57%	89%	93%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	14	23	32	68	144	403
Down Capture	53%	108%	101%	59%	64%	93%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	8	20	30	56	105	346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BPOP
BPOP	47.6%	22.5%	1.64	-
Sector ETF (XLF)	11.6%	14.6%	0.52	58.4%
Equity (SPY)	11.6%	12.8%	0.57	35.8%
Gold (GLD)	-2.3%	28.6%	-0.09	14.1%
Commodities (DBC)	43.1%	20.9%	1.60	-17.6%
Real Estate (VNQ)	11.0%	13.7%	0.50	33.1%
Bitcoin (BTCUSD)	-28.8%	43.6%	-0.66	13.4%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BPOP
BPOP	16.6%	29.6%	0.54	-
Sector ETF (XLF)	9.0%	18.3%	0.35	69.9%
Equity (SPY)	12.0%	17.1%	0.52	54.6%
Gold (GLD)	16.5%	19.0%	0.69	0.8%
Commodities (DBC)	8.4%	19.6%	0.31	7.8%
Real Estate (VNQ)	1.1%	18.9%	-0.05	46.6%
Bitcoin (BTCUSD)	4.1%	51.6%	0.26	20.6%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BPOP
BPOP	18.5%	33.3%	0.59	-
Sector ETF (XLF)	13.4%	22.1%	0.55	74.6%
Equity (SPY)	15.2%	17.9%	0.72	57.4%
Gold (GLD)	11.6%	16.5%	0.57	-1.5%
Commodities (DBC)	7.8%	18.1%	0.34	20.5%
Real Estate (VNQ)	5.4%	20.7%	0.22	49.9%
Bitcoin (BTCUSD)	61.7%	66.3%	1.01	15.2%

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Short Interest

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	1.9 Mil
Short Interest: % Change Since 9302026	-1.1%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	4.5 days
Basic Shares Quantity	63.9 Mil
Short % of Basic Shares	3.0%

Returns Analyses

	Title
0	Would You Still Hold Popular Stock If It Fell 30%?

Earnings Returns History

Updated 11/1/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/22/2026	-2.8%	-2.7%
7/23/2026	0.5%	2.5%	-1.1%
4/23/2026	0.7%	-0.4%	0.8%
1/27/2026	0.7%	8.3%	9.1%
10/23/2025	-1.2%	-5.3%	-3.4%
7/23/2025	0.3%	-0.3%	3.6%
4/23/2025	5.9%	8.2%	14.8%
1/28/2025	1.2%	-1.1%	-2.0%
...
SUMMARY STATS
# Positive	15	12	15
# Negative	9	12	8
Median Positive	0.7%	4.4%	4.2%
Median Negative	-1.6%	-2.2%	-3.4%
Max Positive	5.9%	8.3%	16.6%
Max Negative	-10.2%	-10.5%	-9.8%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/22/2026	-2.8%	-2.7%
7/23/2026	0.5%	2.5%	-1.1%
4/23/2026	0.7%	-0.4%	0.8%
1/27/2026	0.7%	8.3%	9.1%
10/23/2025	-1.2%	-5.3%	-3.4%
7/23/2025	0.3%	-0.3%	3.6%
4/23/2025	5.9%	8.2%	14.8%
1/28/2025	1.2%	-1.1%	-2.0%
10/23/2024	-10.2%	-10.5%	-3.3%
7/24/2024	-3.5%	1.3%	-5.2%
4/23/2024	0.5%	-3.3%	2.4%
1/25/2024	2.1%	-0.6%	-3.4%
10/26/2023	0.3%	5.2%	11.1%
7/26/2023	-1.6%	0.3%	-9.8%
4/26/2023	0.1%	-6.6%	-1.1%
1/25/2023	-0.7%	4.2%	7.7%
10/26/2022	-0.1%	-3.2%	2.7%
7/28/2022	1.3%	-0.9%	4.2%
4/26/2022	1.3%	3.0%	1.2%
1/27/2022	2.1%	4.6%	6.4%
10/20/2021	-0.7%	-1.7%	1.8%
7/22/2021	0.3%	2.1%	4.0%
4/28/2021	2.4%	5.4%	11.6%
1/28/2021	-4.2%	4.8%	16.6%
SUMMARY STATS
# Positive	15	12	15
# Negative	9	12	8
Median Positive	0.7%	4.4%	4.2%
Median Negative	-1.6%	-2.2%	-3.4%
Max Positive	5.9%	8.3%	16.6%
Max Negative	-10.2%	-10.5%	-9.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	08/07/2026	10-Q
03/31/2026	05/08/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/11/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	03/03/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/10/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/10/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/09/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	08/07/2026	10-Q
03/31/2026	05/08/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/11/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	03/03/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/10/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/10/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/10/2022	10-Q
12/31/2021	03/01/2022	10-K
09/30/2021	11/09/2021	10-Q
06/30/2021	08/09/2021	10-Q
03/31/2021	05/10/2021	10-Q
12/31/2020	03/01/2021	10-K
09/30/2020	11/09/2020	10-Q
06/30/2020	08/10/2020	10-Q
03/31/2020	05/11/2020	10-Q
12/31/2019	03/02/2020	10-K
09/30/2019	11/08/2019	10-Q

Recent Forward Guidance

Updated 10/23/2026

Latest: Q3 2026 Earnings Reported 10/22/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Non-Interest Income	Reported		170.00 Mil		1.5%		Higher New	Guidance: 167.50 Mil for Q3 2026
2026 Net Charge-Off Ratio	Reported	0.01	0.01	0.01		0.1%	Raised	Guidance: 0.01 for 2026
2026 Loan Growth	Reported		2.0%			-1.0%	Lowered	Guidance: 3.0% for 2026
2026 P.R. Public Deposits	Reported	20.00 Bil	21.00 Bil	22.00 Bil	0.0%		Affirmed	Guidance: 21.00 Bil for 2026
2026 ROTCE Target	Reported	0.14	0.16	0.17
2026 Operating Expenses Growth	Reported		2.0%			-0.5%	Lowered	Guidance: 2.5% for 2026
2026 Net Interest Income Growth	Reported		8.5%			0.0%	Affirmed	Guidance: 8.5% for 2026
2026 Effective Tax Rate	Reported		14.0%			-0.5%	Lowered	Guidance: 14.5% for 2026

Prior: Q2 2026 Earnings Reported 7/23/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 Non-Interest Income	Reported	165.00 Mil	167.50 Mil	170.00 Mil
2026 NCOs	Reported	0.01	0.01	0.01
2026 Loan Growth	Reported		3.0%
2026 P.R. Public Deposits	Reported	20.00 Bil	21.00 Bil	22.00 Bil
2026 Operating Expenses Growth	Reported	2.0%	2.5%	3.0%
2026 Net Interest Income Growth	Reported	8.0%	8.5%	9.0%
2026 Effective Tax Rate	Reported	14.0%	14.5%	15.0%

Insider Activity

Updated 10/5/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Rodriguez, Adorno Denissa	Senior VP & Comptroller	Direct	Sell	8262026	168.79	600	101,272	420,555	Form
2	Soriano, Lidio	Executive Vice President	Direct	Sell	8112026	174.50	3,000	523,515	18,727,855	Form
3	Ferrer, Javier D	PRESIDENT & CEO	Direct	Sell	8112026	175.43	35,000	6,140,155	16,925,490	Form
4	Cestero, Luis E	Executive Vice President	Direct	Sell	8062026	176.36	8,500	1,499,026	2,823,990	Form
5	Ferre, Maria Luisa		Direct	Sell	7312026	173.79	3,076	534,566	5,978,406	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Rodriguez, Adorno Denissa	Senior VP & Comptroller	Direct	Sell	8262026	168.79	600	101,272	420,555	Form
2	Soriano, Lidio	Executive Vice President	Direct	Sell	8112026	174.50	3,000	523,515	18,727,855	Form
3	Ferrer, Javier D	PRESIDENT & CEO	Direct	Sell	8112026	175.43	35,000	6,140,155	16,925,490	Form
4	Cestero, Luis E	Executive Vice President	Direct	Sell	8062026	176.36	8,500	1,499,026	2,823,990	Form
5	Ferre, Maria Luisa		Direct	Sell	7312026	173.79	3,076	534,566	5,978,406	Form
6	Ferre, Maria Luisa		The Luis A. Ferre Foundation, Inc.	Sell	7312026	175.42	3,385	593,797	1,781,566	Form
7	Sanchez, Alejandro M		Direct	Sell	5262026	150.36	300	45,108	595,386	Form
8	Gonzalez-Noguera, Maria Cristina	Executive Vice President	Direct	Sell	5042026	148.51	6,200	920,787	1,671,564	Form
9	Ballester, Alejandro M		Direct	Sell	5012026	150.00	23,000	3,450,000	5,188,157	Form
10	Sanchez, Alejandro M		Direct	Sell	3022026	140.85	1,451	204,373	480,977	Form
11	Ballester, Alejandro M		Direct	Sell	2022026	132.50	2,360	312,700	7,611,949	Form
12	Carrion, Richard L		Direct	Sell	11252025	113.50	25,000	2,837,500	21,907,770	Form
13	Rodriguez, Adorno Denissa	Senior VP & Comptroller	Direct	Sell	11252025	114.84	1,000	114,845	299,061	Form

Investor Activity (13F)

Updated Nov 3, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Minneapolis Portfolio Management Group, LLC	$41.2 Mil	4.4%	33	Hold	13F
Philadelphia Financial Management of San Francisco, LLC	$6.5 Mil	2.1%	42	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Philadelphia Financial Management of San Francisco, LLC	$6.5 Mil	2.1%	42	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Rhino Investment Partners, Inc	$5.4 Mil	1.5%	37	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Minneapolis Portfolio Management Group, LLC	$41.2 Mil	4.4%	33	Hold	13F
Philadelphia Financial Management of San Francisco, LLC	$6.5 Mil	2.1%	42	New	13F

BPOP Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing BPOP?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What BPOP Makes & Who Pays

TTM figures based on

BPOP Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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Core Cache Last Updated: 11/2/2026

Popular (BPOP)

Market Price (11/3/2026): $158.79 | Market Cap: $10.0 BilSector: Financials | Industry: Regional Banks

Popular (BPOP)

Market Price (11/3/2026): $158.79Market Cap: $10.0 BilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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About Popular (BPOP)

1. Geographic Concentration Risk in Puerto Rico

2. Economic and Interest Rate Fluctuations

3. Regulatory and Compliance Risks

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Puerto Rico

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Peer Outperformance in Regional Banks

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BPOP Trade Sentinel

Market Price (11/3/2026): $158.79
Market Cap: $10.0 Bil
Sector: Financials
Industry: Regional Banks